More than half of Czechs continue to save in 2023

According to statistics, more than half of Czechs limit themselves in spending in recent months. Basically, this is a refusal to visit restaurants, buy clothes and cosmetics, as well as reduce transport costs.

Czech savings statistics

The current rise in prices, especially for energy, fuel and other key commodities, is already visibly affecting 88% of Czechs. About 56% of people are forced to limit themselves because of this. A third also feel the rise in prices, but are in no hurry to save.

Only less than 3% of respondents answered that they were not affected by the current price increase. Another 10% of Czech residents said that they have not yet been affected by the price increase, but expect this to happen in the future.

The largest number of respondents (56%) noted that they limit visits to restaurants, and also do not spend money on buying things that are not necessary. They cut spending on entertainment, holidays and, last but not least, food. More than a quarter of respondents (28%) save on hobbies.

Due to rising fuel prices and general inflation, 37% of those surveyed have been forced to cut spending on their own car in the past three months.


How have prices changed?

Food prices are rising in the Czech Republic. Beer has risen in price the least, only by 7%. But the cost of cheese increased by 30%. Long-term milk has risen in price by 41%. Dairy products such as cottage cheese, sour cream and mozzarella rose by 40%. Fruit yogurts remained virtually unchanged in price, while dairy yogurts went up by 103%.

The cost of bread increased by 53%. Sugar has risen in price significantly, the growth was 95%. Egg packs now cost 72% more.
In 2023, pork production in the Czech Republic fell by 7%. Prices for packaging and labor are also rising.

It is believed that due to the restriction of energy and gas prices, the cost of food will not increase. However, inflationary pressures are gathering momentum.

Read more: Oil in the Czech Republic: prices, stocks, supply and demand

Savings in accommodation

Contrary to basic commodities, real estate prices are declining. The cost of apartments has fallen in almost all regions. The largest decline was recorded in the Karlovy Vary, Moravian-Silesian and Central Bohemian regions. In Prague prices remain stable.

Renting a detached house is now very expensive. In order to save on housing, students of the Czech Republic choose accommodation in a hostel